Funtastic reaffirms guidance

Toy distributor Funtastic has reaffirmed its guidance of $23 million to $25 million in earnings for fiscal 2013.

The company, which distributes toys, sporting goods, confectionery and nursery products, said during its annual general meeting on Tuesday that it expects its earnings to be up slightly on the $20.2 million it made for the year to July.

Funtastic attributed the growth to its international expansion of Pillow Pets and Lego products as well as the domestic launch of six new toy brands and two new confectionary products.

The new products included Winx Dolls, which are based on an Italian action and fantasy cartoon, and La Dee Da Dolls, who are four teenaged friends who created a fashion label.

Funtastic also launched Roxx collectable games aimed at boys and a goo-like product that dissolves in water.

It said its key focus with Lego was on continued product innovation and with Pillow Pets the company planned to expand into new territories such as Latin American, Asia and Eastern Europe.

The company also announced it would commence dividend payments to shareholders during 2013 on the proviso it was able to meet financial targets.

The board anticipated that an interim dividend would be announced following Funtastic's first half results in March 2013.